risk vs reward, page-159

To be honest there are very few viable cobalt companies outside of Congo. EUC if they can find the high grade cobalt of 0.5% and better will be one of the few. Consider ARL maket cap of $100 M but capital cost of $600 M to build production facilities ($100M return a year based on $95k a tonne cobalt), likewise AUZ will be in the same boat $270M market cap and similar capital cost. No one will lend those companies half a billion dollars or more probably a billion once cost over runs occur. Only viable company in Australia is CLQ because of their novel technology which allows facilities operating costs to be 5 x cheaper.